If you're a bargain hunter, there are some deeply discounted stocks you might want to consider buying right now. These stocks aren't trading at just 52-week lows, they are trading at multiyear lows. They haven't been trading at these levels in more than five years -- and some have never been this low.

Of course, there is a risk that comes with these stocks. They are trading down for good reasons, but there's also a lot of potential upside. Ultimately, it can come down to how much risk you're willing to tolerate.

Grocery Outlet (GO -2.71%), Dollar General (DG -0.26%), and Spirit Airlines (SAVEQ -5.00%) are three cheap stocks right now for various reasons. Are they worth a closer look as turnaround plays?

1. Grocery Outlet

Grocery stocks are generally stable investments investors want to hang on to. But that hasn't been the case with Grocery Outlet. This retailer exclusively manages supermarket locations offering discounted, overstocked, and closeout products from name-brand and private-label suppliers.

Grocery Outlet's stock was already trading off a bit from mid-2022 highs, but then it made a sizable acquisition in April 2024 that boosted investor worries. On April 2, the company bolstered its presence in multiple markets when it finalized the purchase of United Grocery Outlet. However, investors were unimpressed with the combined company's performance. Shares are down 37% since January and trade at an all-time low for Grocery Outlet, which went public in 2019.

The problem is that expenses are rising and already thin margins are getting squeezed even further. Getting bigger has not led to a stronger bottom line. In the most recent quarter, which ended in June, Grocery Outlet's profits fell by 43% to just $14 million on revenue of $1.1 billion. Profits are down, in part, because the retailer is making system upgrades. CEO RJ Sheedy Jr. said the upgrades are now in place and financials should improve from this point, but investors remain hesitant.

Investors considering this stock will need to have some faith that the CEO can turn things around. I would hold off on buying this food stock for at least a couple more quarters until Grocery Outlet proves Sheedy is right in his assertion and its financials are in better shape.

2. Dollar General

Discount stores are defensive stocks. They tend to offer investors stability during tough economic times. They also tend to be good options for long-term growth. Defensive stock Dollar General, however, has been underwhelming in this regard lately. Along with labor issues and safety problems at its stores, its results show some weakness, especially when compared to its peers.

In August, Dollar General reported Q2 results that showed net sales up roughly 4% year over year to $10.2 billion, but same-store sales were only up by 0.5%. The company appears to be relying heavily on new store openings for growth. That has not translated into a better bottom line: Dollar General's operating profit in Q2 fell by 21% year over year to $550 million. While Dollar General is still reporting growth, it's also reporting that its core customers are "financially constrained."

This is not a phrase investors want to hear and, as a result, Dollar General stock hasn't traded at lower levels since 2017.

This can be a turbulent time to buy the stock, but it can potentially be a good long-term play because as economic conditions improve and its core customer is in better shape, that could turn the tide for the stock. The big question is how long that process could take. If you're willing to be patient and hold on for what could be a bumpy ride with the stock, Dollar General might be a good contrarian investment to add to your portfolio today.

3. Spirit Airlines

Share prices of low-cost carrier Spirit Airlines went over a cliff in January after a judge blocked its merger with JetBlue Airways. Spirit's stock hasn't recovered from that decision. It has since gone into an even steeper tailspin as investor concerns mount that the airline might not be able to survive in the long run.

Operating revenue through the most recent period, which ended on June 30, totaled $1.3 billion and was down 11% year over year. More concerning was Spirit's $152.5 million operating loss. It has also burned through $270 million in cash through its day-to-day operations over the past six months.

The company says it has $1.1 billion of available liquidity, but its operations don't appear to be sustainable right now, and that's the big risk for investors. Spirit Airlines trades at an all-time low (it went public in 2011), and the danger is that without a reason to believe its operations will improve or that an acquisition can save the business, things might not get a whole lot better for the stock anytime soon.

Investors should tread carefully with Spirit Airlines stock -- it could be the riskiest one on this list.